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Buttoned Up > Life Essentials > Finances > The 5 biggest budgeting mistakes & how to avoid them

The 5 biggest budgeting mistakes & how to avoid them

posted by Sarah on March 5, 2012 | print article | e-mail to a friend
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  • HomemakersDaily

    Good timing on this article. Several years ago I set up my accounts so I had one account for bills and one account for spending. Last night I was trying to decide if I was making things too complicated and decided I was. I was going to combine the two accounts.  But you’re right – it makes more sense to have them separate so I think I’ll keep doing it the way I have been.

    I record all my spending but I don’t track it by category.  I probably should do that.  It wouldn’t take much work since I have all the information in my checkbook.

    Sometimes I comparison shop and sometimes I don’t.  I definitely don’t on groceries.  I go to one store and pay what I have to to get what I want.  But my grocery budget is killing me.  Guess it’s time to work on that.

  • Sarah

    So glad the timing was great on this article and that it helped you make the (good) decision not to revert back to a single account.

    I do think that you would gain quite a bit by taking a look at how your spending falls in various categories. There might just be areas (in addition to groceries) that are ripe for pruning… As you said, it should be easy since you have the data captured already.

    As far as groceries are concerned – it’s pretty amazing what both (a) a little comparison shopping and (b) menu planning can do to seriously save you $$.

  • SarahButtonedUp

    @twitter-378131001:disqus  I’m so glad that the article came at the right time for you – and that you’re going to stick with the two account system.

    You might be surprised at what you find when you examine your spending by category. Since you have all of the data captured in your checkbook, it should be pretty easy – and well worth the effort if it gives you insight into additional areas you may be able to save $.

    Comparison shopping is a tricky one to get right. You certainly don’t want to spend too much time on it, or it becomes (yet another) full time job. But it is definitely easy enough to do for at least the basics. For example, loading up on things like Honey Nut Cheerios when they are on sale (my 5YO & 2YO eat the stuff like it’s going out of style) has definitely helped my bottom line.

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  • Robert

    Perfect….thanks for sharing solutions one more option would like to share like granny that is etc.

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